Bad news for home buyers: Mortgage rates inch towards 7%, highest level in 2023

The average on the 30-year fixed-rate mortgage was 6.87% as of Tuesday afternoon, while the 15-year was at 6.07%, according to Mortgage News Daily. Rates are officially at the highest level for the year. The inflation report revealed that the economy was still hot, which prompted the market to expect the Fed to keep raising its benchmark interest rate.

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